ARGENTINA: McDonald's to buy out meat supplier?
US burger giant McDonald's is in talks to buy the supplier of its meat in Argentina, McKey Food Services, from Keystone Foods LLC.
According to Chicago Business, McDonald's said if it didn't buy the Argentine plant, Keystone could go out of business. Keystone, a US company based in Pennsylvania, operates 18 food manufacturing facilities around the world, including McKey Food Services in Argentina.
The economic crisis in Argentina and the rising cost of raw materials has made sharp inroads into McKey's profits. The plant generates annual production output in the region of 1,100 tons of meat, but has lost money for several years in a row. McDonald's is reported as saying it would manage distribution for McKey and bring in a third-party company to operate the plant.
The US fastfood company operates 173 restaurants in Argentina and payrolls 11,000 staff. In April, McDonald's said its sluggish sales throughout Latin America were a key factor in its overall sales slump.
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